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Zogenix Announces Preliminary Fourth Quarter 2012 Gross Product Sales

SAN DIEGO, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain, announced today preliminary unaudited gross product sales for the quarter ended December 31, 2012. Zogenix expects to report fourth quarter 2012 gross product sales of approximately $13.5 million on 145,200 units shipped, with unit volume up approximately 9% sequentially from third quarter 2012 and 26% from fourth quarter 2011.

For the full year 2012, Zogenix announced preliminary unaudited net product revenue of approximately $36 million, up approximately 18% over 2011 and slightly below previously issued guidance of $37 million for 2012.

Preliminary unaudited cash and cash equivalents as of December 31, 2012 were approximately $41.2 million.

Roger Hawley, chief executive officer of Zogenix, stated, "In 2012 we continued to drive SUMAVEL DosePro prescription growth and added a new co-promotion partner that provides incremental growth potential in 2013 and beyond. We expect our net product revenue for the year to be slightly below our guidance primarily due to the impact from Hurricane Sandy in the Northeast region. However, we did achieve 9% unit volume growth in the fourth quarter and believe we are well positioned to continue expanding utilization of SUMAVEL DosePro as an important attack specific treatment choice for migraine patients."

Mr. Hawley added, "During the year we also made good progress with our new product initiatives. The December 7
th FDA Advisory Committee meeting resulted in a negative vote for Zohydro ER, but we remain engaged with the FDA in our ongoing efforts to gain approval. We remain confident in the benefit/risk balance of Zohydro ER as a new treatment option that addresses unmet medical needs for patients suffering with chronic pain. Separately, we recently announced positive single-dose pharmacokinetic (PK) results from our Phase 1 clinical trial for Relday and the extension of the study to include a 100 mg dose arm, which results we believe will accelerate the development timeline and partnering activities for this new potential treatment option for the long-acting antipsychotic market."

The preliminary estimates discussed above are subject to the completion of financial closing procedures, including final adjustment of allowances for sales returns and discounts, and other developments that may arise between now and the time the financial results for the fourth quarter are finalized, as well as the completion of the audit of the 2012 financial statements. Therefore, actual results may differ materially from these estimates.In addition, the above estimates do not present all information necessary for an understanding of Zogenix's financial condition as of December 31, 2012. Zogenix expects to report full financial results for the fourth quarter and full year ended December 31, 2012 in early March 2013.